Regulations & Gambling projects

[Synchronice]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

Do you know the story of Kim Dotcom? Do you know that today's mega is a descendant of old megaupload? Almost always, there are loopholes in the law, that's why we have law degree. If there weren't loopholes in law, there wouldn't be a necessity of lawyers.

If regulations take a hit on crypto casinos, they'll find a way to deal with it but before that, keep in mind that gambling is a very profitable business and very serious people are involved into it, even in crypto. So, don't worry, crypto casinos will continue to function and in the worst case, there will be an alternative, unseen before.

[serjent05]

Gambling regulations in each country are different, some are allowed but have to pay for a permit, and there are also countries that do not allow any type of gambling like in my country, gambling is strictly prohibited if caught will be subject to imprisonment or compensation.
if I want to access well-known gambling sites such as stake.com, roobet etc. I  need to use a VPN, whether it affects my  ID later or not, the important thing is that I can fill my spare time to roll the dice

Gambling regulations and law implementations in strict countries is really a burden to gamblers but we can't deny the fact that players will always find ways to gamble despite its consequences. In our country, people are free to gamble, and our government allows it since they could get high taxes from gambling but when abused and if the gambling company is causing chaos connected to crimes just like what happened to an online cock fighting company, they ban and close it permanently. People only need to be responsible here which I think is still a good implementation. 

The government only regulates those casinos that is within its reach.  The Government is having a hard time regulating crypto casinos because they are online casinos and access to the platform is very difficult to block.  Anyone can use VPN and be able to bypass ISP restrictions.  Besides, only the licensing government are able to take advantage of online casinos since government can't really tax online casino if they are not the one giving the casino permit.  Casinos often put the taxation on the players' shoulders in their respective countries.

I'm just answering this because of the way is being discussed and titled because i believe in the gamblling projects can be regulated to people who is directly into gambling because i believe that gambling platforms, the people who knows better of gambling are the people can equally regulates gambling from what i understand

Nope, only the authority can regulate gambling, ordinary people who understand gambling don't have the right to regulate unless he is the government official assigned to tackle the matter.

[samcrypto]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

There are many casinos in the crypto world which may be affect by regulations when the time comes and I know that soon every casinos will stick to rules lay down for casinos if crypto eventually becomes regulated. Most of these casinos are has owners that are not affiliated to the government so when that time comes things will still look normal.

This is the cost that we have to deal if we really want mass adoption, and that could affect a lot of crypto projects because for sure, regulations will be more strict especially for gambling since there’s a lot of suspicious money on this activity and the government strictly monitoring this. Roobet will not be the last site to implement KYC, we can expect more site in the future and even the top gambling site, they are not safe from regulations and KYC.

[Yogee]

Nothing. Regulated just means allowed but within the limits of certain laws so I don't think you should be worried about that. Worry about it if it's a ban.

Majority of players have probably accepted the fact that regulation is here to stay. I'm also guessing most of these crypto casino players are also users of centralized exchanges and have submitted their personal information for KYC.

Actually many users have submitted KYC for centralized exchanges even sadly they use KYC to complete the tasks of the airdrop program, but why is KYC for casinos in issue even though casinos are already legally registered for gambling platforms, if we have to objectively assess each platform that requires KYC to prevent crimes that use cryptocurrencies for money laundering.

The whole point in my post is that casino players that have completed KYC on centralized exchanges will have no problem with doing the same thing on crypto betting platforms. That also means they won't leave the casino just because it becomes more regulated so I answered "nothing" to this question in the OP,

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others?

It may not be completely "nothing" but the impact of the added regulations will be minimal.

[Zlantann]

This is the cost that we have to deal if we really want mass adoption, and that could affect a lot of crypto projects because for sure, regulations will be more strict especially for gambling since there’s a lot of suspicious money on this activity and the government strictly monitoring this. Roobet will not be the last site to implement KYC, we can expect more site in the future and even the top gambling site, they are not safe from regulations and KYC.

The government would always claim that they want to curb money laundering which is why they want to regulate gambling projects. But most sensible government understands that casino companies is just a drop in the ocean when it comes to diverse means of carrying out that crime. Strick regulation of crypto casinos would lead to loss of funds by the government because these firms would move to other friendly countries.

I am also concerned about the bureaucratic bottleneck most casino firms would have to endure to register in most countries. Some country's agencies waste a lot of time processing documents needed for registration. This waste of time might even discourage both old and new casino companies from seeking licenses or operational permits.

Nevertheless, regulation might also attract more gamblers to these crypto casinos. Most people always feel that any unregistered business is not reliable and can scam them at any time. Hence, regulations can also promote customer confidence, thereby increasing patronage.     

[X-ray]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

There are many casinos in the crypto world which may be affect by regulations when the time comes and I know that soon every casinos will stick to rules lay down for casinos if crypto eventually becomes regulated. Most of these casinos are has owners that are not affiliated to the government so when that time comes things will still look normal.

Regulation will actually affecting the casino in the crypto world. The problem is developers who operated the platforms based in another country just like curacao or something else. As long as regulation will not put very big restriction to the gambling platforms and that's wine for me to be honest. Crypto regulation will not give a huge impact to the casino. im sure about this. Remember that these days the regulation was always focusing to the money laundering.
It seems like regulation will be only putting KYC as a verification purpose in any platforms.

[rodskee]

regulation is normal and with gambling as one of the most profitable and successful business nowadays?  Government will continue to seek how they can earn and take profit from each businesses so regulating will add this favor.

But if you are looking for higher negative output? I think it has been happening for years now yet Gambling is increasing so I guess nothing will go bad further but some strict rules and implementation to be followed by gamblers in each countries .

I'm just answering this because of the way is being discussed and titled because i believe in the gamblling projects can be regulated to people who is directly into gambling because i believe that gambling platforms, the people who knows better of gambling are the people can equally regulates gambling from what i understand

it is not about the people but about the government who under the gambling businesses.

[michellee]

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

Maybe all we know is about KYC and the like, while for others and more details, we won't know. As a growing business, the government wants to profit from the casinos too and maybe they will impose a tax on them to reduce the casino income.

[bitterguy28]

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

if they wanted to know details? then they can just ask the casino but the issue here is that ? they are in sole intention here is that to take advantage of the situation and that is government wanted to take funds from the businesses.

Maybe all we know is about KYC and the like, while for others and more details, we won't know. As a growing business, the government wants to profit from the casinos too and maybe they will impose a tax on them to reduce the casino income.

that is what they wanted in gambling sites , there is a intention we must understand lol.

[Piesel]

I'm just answering this because of the way is being discussed and titled because i believe in the gamblling projects can be regulated to people who is directly into gambling because i believe that gambling platforms, the people who knows better of gambling are the people can equally regulates gambling from what I understand

You may need to share more details of what you mean by, (the people who know gambling that will regulate gambling).
U don't want to assume that I understand the point you are trying to make, but I can build an understanding around your statement, what you mean is government regulators and policymakers that are involved in gambling will be the ones to regulate gambling.

I don't think that is the truth, because I.one will want to regulate what he/she is heavily involved in and no gamblers can make struck laws on gambling than those who truly use the casinos.

But even at that, gambling generates a lot of revenues for the government even though it seems to be that gambling terms illegal in some places the government still benefits from it massive

[Wexnident]

I'm just answering this because of the way is being discussed and titled because i believe in the gamblling projects can be regulated to people who is directly into gambling because i believe that gambling platforms, the people who knows better of gambling are the people can equally regulates gambling from what i understand

If all it took was people who knew the system to develop it, we wouldn't need the government, scientists could do all the work to decide what to do and whatnot in terms of various industries since they're the specialized person for each place. Specialists aren't the ones in charge because they only tackle one part of the problem, someone who manages these people tackles every problem possible to minimize the problems that may arise due to the results.

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

And I highly doubt people would actually care. There's probably going to be some media group out there that would simply blow it up and then they'd react since well, you know how issues are, they're only addressed when it's way past the point of return.

[kotajikikox]

I'm just answering this because of the way is being discussed and titled because i believe in the gamblling projects can be regulated to people who is directly into gambling because i believe that gambling platforms, the people who knows better of gambling are the people can equally regulates gambling from what I understand

You may need to share more details of what you mean by, (the people who know gambling that will regulate gambling).
U don't want to assume that I understand the point you are trying to make, but I can build an understanding around your statement, what you mean is government regulators and policymakers that are involved in gambling will be the ones to regulate gambling.

Obviously he is the only one that understand what he meant here, i tried reading twice but it seems that the post isn't even connected to the thread .

I don't think that is the truth, because I.one will want to regulate what he/she is heavily involved in and no gamblers can make struck laws on gambling than those who truly use the casinos.

let gamblers have their way and besides every one of us has their own way of dealing in gambling.

But even at that, gambling generates a lot of revenues for the government even though it seems to be that gambling terms illegal in some places the government still benefits from it massive

and that is why they are pushing regulation because of the funds they may gather and not that small surely.

[michellee]

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

if they wanted to know details? then they can just ask the casino but the issue here is that ? they are in sole intention here is that to take advantage of the situation and that is government wanted to take funds from the businesses.

They can ask the casino but I doubt if the casino will give a detailed answer because I think it will be a casino and government secret. Yes, they do want to take advantage of this situation and it is clear that the government also wants to take advantage of the same. Each casino and government has its plans and we as gamblers, can only follow the rules made by each casino and government.

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

And I highly doubt people would actually care. There's probably going to be some media group out there that would simply blow it up and then they'd react since well, you know how issues are, they're only addressed when it's way past the point of return.

I feel like some of the media groups out there have some that are paid to blow the whistle on this issue so it's just going to get people's attention. But people who care about this can definitely take good care of themselves and won't gamble with a lot of money.

[MaverickGames]

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

if they wanted to know details? then they can just ask the casino but the issue here is that ? they are in sole intention here is that to take advantage of the situation and that is government wanted to take funds from the businesses.

They can ask the casino but I doubt if the casino will give a detailed answer because I think it will be a casino and government secret. Yes, they do want to take advantage of this situation and it is clear that the government also wants to take advantage of the same. Each casino and government has its plans and we as gamblers, can only follow the rules made by each casino and government.

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

And I highly doubt people would actually care. There's probably going to be some media group out there that would simply blow it up and then they'd react since well, you know how issues are, they're only addressed when it's way past the point of return.

I feel like some of the media groups out there have some that are paid to blow the whistle on this issue so it's just going to get people's attention. But people who care about this can definitely take good care of themselves and won't gamble with a lot of money.

Hey all! We're licensed by the Isle of Man Gambling Supervision Commission -- it's one of the stronger licenses, so we have lots of interaction with the government. I believe we're the only sportsbook / casino in this forum who's licensed by a government with this much oversight, so I'm happy to answer as many questions as I can!

I'm the person in our company who deals directly with the government, the lawyers, and the compliance folks, and I'll give you as much transparency as I possibly can -- and if I can't answer, I'll tell you why. Our license and the regulation definitely impacts our project, so let me know what questions you have!

^ Kendra

[Reatim]

I'm just answering this because of the way is being discussed and titled because i believe in the gamblling projects can be regulated to people who is directly into gambling because i believe that gambling platforms, the people who knows better of gambling are the people can equally regulates gambling from what i understand

actually ? you does not understand any of the post here , even your own posts  because you are the people can equally regulates gambling when it is clearly that this is to be the government to regulates?

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

Maybe all we know is about KYC and the like, while for others and more details, we won't know. As a growing business, the government wants to profit from the casinos too and maybe they will impose a tax on them to reduce the casino income.

they will absolutely mate, and also there are cases that government is pushing regulations so they will get somethign favorable because of this effect so yes it is.

[nakamura12]

There are reasons why government regulates gambling projects which is to earn from it and implement some rules that the casino must follow and if they don't then those casinos will most likely to be closed. It is their way to let gambling legal so that the casino owners can continue running their casino but they must pay tax which the government will receive. It's a win-win situation if I say about it for both the government and the casino where gambling is not illegal and government earn from it.

[michellee]

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

if they wanted to know details? then they can just ask the casino but the issue here is that ? they are in sole intention here is that to take advantage of the situation and that is government wanted to take funds from the businesses.

They can ask the casino but I doubt if the casino will give a detailed answer because I think it will be a casino and government secret. Yes, they do want to take advantage of this situation and it is clear that the government also wants to take advantage of the same. Each casino and government has its plans and we as gamblers, can only follow the rules made by each casino and government.

Hey all! We're licensed by the Isle of Man Gambling Supervision Commission -- it's one of the stronger licenses, so we have lots of interaction with the government. I believe we're the only sportsbook / casino in this forum who's licensed by a government with this much oversight, so I'm happy to answer as many questions as I can!

I'm the person in our company who deals directly with the government, the lawyers, and the compliance folks, and I'll give you as much transparency as I possibly can -- and if I can't answer, I'll tell you why. Our license and the regulation definitely impacts our project, so let me know what questions you have!

^ Kendra

Hi Kendra. Nice to meet you. I am impressed by your statement and very pleased to know that you represent your company. I hope that your license doesn't make your casino a very strict one in terms of verification because this is a problem for crypto gamblers.

And I wish you success in managing your company with the team.

[MaverickGames]

I think the regulations from the government can affect the gambling project because the government wants to know more details about the project and take advantage of the project. The government and the casinos probably won't explain to the public what kind of regulations the casinos want or have implemented.

if they wanted to know details? then they can just ask the casino but the issue here is that ? they are in sole intention here is that to take advantage of the situation and that is government wanted to take funds from the businesses.

They can ask the casino but I doubt if the casino will give a detailed answer because I think it will be a casino and government secret. Yes, they do want to take advantage of this situation and it is clear that the government also wants to take advantage of the same. Each casino and government has its plans and we as gamblers, can only follow the rules made by each casino and government.

Hey all! We're licensed by the Isle of Man Gambling Supervision Commission -- it's one of the stronger licenses, so we have lots of interaction with the government. I believe we're the only sportsbook / casino in this forum who's licensed by a government with this much oversight, so I'm happy to answer as many questions as I can!

I'm the person in our company who deals directly with the government, the lawyers, and the compliance folks, and I'll give you as much transparency as I possibly can -- and if I can't answer, I'll tell you why. Our license and the regulation definitely impacts our project, so let me know what questions you have!

^ Kendra

Hi Kendra. Nice to meet you. I am impressed by your statement and very pleased to know that you represent your company. I hope that your license doesn't make your casino a very strict one in terms of verification because this is a problem for crypto gamblers.

And I wish you success in managing your company with the team.

Nice to meet you too! Our license does require that we verify our players, but we've developed a system where most people can deposit, play, and withdraw to test out the casino and sportsbook before having to provide any personal documents. So we do ask for personal information on sign up, but for most players, we don't ask for anything else right away. If it were me, I wouldn't want to provide my personal documents without getting a better understanding of the people I was giving them to, and this way, players can get a feel for who we are before taking that next step.

I will say that I think licensed companies really ask for verification for two reasons:

1) Because gambling's historically been an easy way to launder money, and verifying someone's identity makes it easier to make sure that you're not unwittingly being used for something criminal, and

2) It's the easiest way to prevent underage gambling.

The second especially is really important to me -- I don't want anyone to get hurt by something that we've built!

Personally, I wouldn't give my ID to an unregulated or under-regulated site, so I totally get why people don't want to go through that process. But for sites that are regulated in countries with really strong consumer protections, there's a lot of oversight and big consequences if we were to have a data breach. We go through an assessment of all of our systems and policies with our government every year -- they actually come into our office, review everything, ask our team questions -- they really care a lot that not only do we have the right policies and procedures, but they're actually implemented.

I also have a legal responsibility to report any data breaches to both the person whose data has been compromised, and to the government. And the fines are no joke!

I know that's not the case for every license, so it's definitely right that people are skeptical! I've worked in crypto for almost a decade now, and I get why anonymity is one of the core tenants. But I've also been in this community long enough to have seen a lot of people get scammed by unlicensed gaming sites. So I know that our licensed site won't be the right fit for everyone, but I think it's an important option!

^Kendra

[Fivestar4everMVP]

When regulation takes a hit on crypto prob in few years from now what will happen to gambling projects like Roobet and others? I've discovered one gambling project claiming to be regulated but there is nothing to prove that, anyway, can regulation affects gambling projects in future that's all I seek.

I personally do not see crypto regulation affecting gambling sites or online casinos in any way, I compare crypto casinos to crypto exchanges, if regulations will not make crypto exchanges to go out of business, then why would it be different for gambling sites?
I am talking about the reputable ones and not those waiting to scam their users...
All that there is to this is to make sure to choose a reputable online casino(s) and never bother or disturb yourself of what might happen to your funds when regulation hits the crypto industry.

[danadc]

There are reasons why government regulates gambling projects which is to earn from it and implement some rules that the casino must follow and if they don't then those casinos will most likely to be closed. It is their way to let gambling legal so that the casino owners can continue running their casino but they must pay tax which the government will receive. It's a win-win situation if I say about it for both the government and the casino where gambling is not illegal and government earn from it.

What you say is very correct, I am from a country where casinos have been banned for a long time, I don't know if they are still banned, but when they are banned it is because obviously a government does not agree that people handle a lot of money, and that means they can manage more than the governments themselves and that is something they do not allow, because they can see it as money laundering and it would make the money in a country in crisis give more control to the accelerator, fear is what drives regulations with the casinos, but if a government is in the same line as the casino and they pay dividends, it would be something that suits them and as many countries do (under the table) and let the casinos work in peace.